my bank was closed friday

Discussion in 'Money, Investing & Precious Metals' started by lhalfcent, Jul 25, 2010.

  1. lhalfcent

    lhalfcent Supporting Member

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    I live in a small town area of minnesota.
    on friday without warning one of our locally owned banks my bank was suddenly closed.
    just a few months ago my bank, Community Security Bank of New Prague, MN had sent out letters to everyone saying all was well.
    I have been of the opinion and belief that if money was put anywhere for the moment, a locally owned small bank would be best and help my community.
    but now, i don't know what to think.
    thoughts?
     
  2. Sourdough

    Sourdough ExCommunicated

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    Time for many to start thinking that what they thought was safe ain't safe. FDIC is roughly 40 Billion Dollars below Bankrupt. All boats sink slowly at first.
     

  3. Sourdough

    Sourdough ExCommunicated

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    Alaska had a catastrophic "Depression" in the 80's and early 90's we lost 78% of our banks went bankrupt. Houses that had cost $162,600.00 were $10,000.-- each. You could get a special deal 13 houses for the price of 12. We called it the bankers-"bakers dozen". Two million dollars worth of Worthless homes for only $120,000.-- Cash.
    You ain't seen nothing yet, real estate will drop another 23% to 31% from todays prices.
     
  4. tiedami

    tiedami Well-Known Member

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    Hi Sourdough....i was just wondering of you could give me your source for those figures? I cant seem to find anything on it (i do not doubt you) but none the less it is very troubling indeed.

    oops nevermind found it.......WOW
     
  5. Sourdough

    Sourdough ExCommunicated

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    I "WINGED-IT" a little as I have not checked this week, but they were 38,BILLION underwater two weeks ago. Mish has a good article today, Google: Mish's Global Economic Trend Analysis.
     
    Last edited: Jul 25, 2010
  6. Sourdough

    Sourdough ExCommunicated

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    103 but who's counting, well as it turns out a lot of people are counting. Your TAX Dollars at work...:cry::cry::eek:
     
  7. lhalfcent

    lhalfcent Supporting Member

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    it is a sad state of affairs.
     
  8. kyfarmer

    kyfarmer Well-Known Member

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    Sadly i have family members that will not admit that things are not well today. They have a good chunk of cash in the bank, O' they have insurance in case of that. When ya tell them that the FDIC don't have enough funds to cover a crash. The govt. has to its the law, lord i hate to see whats gona happen when this bunch looses it all. I did convince them to pull some out, well they put it in a safety deposit box. Jezz! what the, its still in the bank and you will not be able to access it. Well i have a card. I give up no helping some people. I would like them to be some what ready for something because if they are not, they may show up on my door step. Call me what ya want but my door is gona be like the banks, no access. :nuts:
     
  9. mosquitomountainman

    mosquitomountainman I invented the internet. :rofl:

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    The FDIC will cover their savings up to the insured amount but it might take awhile before they get access to the money. The FDIC will get the money even if it isn't there becasue the taxpayers will just foot the bill. Any investors will be out-of-luck though.
     
  10. sailaway

    sailaway Well-Known Member

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    Wait for the next wave of forclosures to hit the end of this year, that coupled with an artificially high stock market.:eek:
     
  11. HozayBuck

    HozayBuck Well-Known Member

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    I checked my bank, yep the door opened right up when I put in the combo...yep all my guns were right there doing whatever they do in the dark... so my assets are secure ...

    As for $$ in the bank? not much... a good deal on a gun today will never be a bad deal tomorrow... same for LTS foods and other goods...

    But then I know all yawl know this... keep prepping!
     
  12. HarleyRider

    HarleyRider Comic Relief Member

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    I keep enough in the bank to cover expenses; the rest goes into "mattress savings" just like in the good old days. ;)
     
  13. Diego2112

    Diego2112 Well-Known Member

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    I second that! Right now, I have LESS than $10 in my ACTUAL bank, heck, only reason I even HAVE a bank account is for that stupid electronic deposit BS that my employer requires... But my .30-30 is sittin' pretty with enough ammo to get me through a few months. Invest in food/ammo/etc. It's the ONLY surefire way to make sure that when the :shtf:, my family is secure.

    Marlin 336W- $350
    Federal 150g FN .30-30 ammo (20 rounds) $15
    Ugly Stik, good reel, some tackle- $45ish
    Providing for my Family When the Fit Hits the Shan- Priceless
     
  14. SnakeDoc

    SnakeDoc Well-Known Member

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    We are keeping it where we can get to it should the bank close. Foregoing 1.3% interest. This week I have invested in a new 12 gauge and 30-06. The family has food wood, a garden and a laying flock.

    Next month I will earn and extra grand or 2 driving spud truck on top of the normal job. I finally finished my second job working for the census this morning. Hustle and saving will get me and mine through just fine.

    My chase accounts gets enough to cover the electronic bills and to fund my Gunbroker habit.
     
  15. mmszbi

    mmszbi Junior Member

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    I was a special credits guy back in those days in Juneau and Anchorage. In one year I worked for 6 different banks, one bought out the other and so on it went till they ALL shut down. It was very depressing and I got the hell out of banking. I believe we are only seeing the tip of the iceberg now.
     
  16. NaeKid

    NaeKid YourAdministrator, eh?

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    Well - its been a month since you posted this thread. What has happened with you and your bank in the last four weeks? An update on the situation would be nice.
     
  17. lhalfcent

    lhalfcent Supporting Member

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    well the bank was taken over by another bank. Roundbank of Waseca, MN.
    It was a real inconvenience for many people.
    I am looking for the current list of banks in danger but can't seem to find the link i had.